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HSBC Sells Argentina Business to Grupo Financiero Galicia for $550 Million

HSBC Holdings reported a $1 billion pretax loss in the first quarter of fiscal 2024 due to selling its Argentina division to Grupo Financiero Galicia

HSBC Holdings reported a $1 billion pretax loss in the first quarter of fiscal 2024 due to selling its Argentina division to Grupo Financiero Galicia for $550 million. This action is consistent with HSBCs Asia pivot plan, which focuses on Asia, especially China and India. The banking, asset management, insurance, and $100 million in subordinated debt are all included in the Argentina business. Noel Quinn, the chief executive of HSBC Group, emphasised the transactions significance in carrying out their plan while highlighting HSBC Argentinas restricted access to their global network. This divestment comes after HSBCs recent withdrawals from several industries and nations, including France and Canada. Read More..

B2B Tech News | 1 years ago        

TSMC Reassures Markets FullYear Revenue Unaffected by Earthquake

Concerns about an interruption to the worlds supply of semiconductors were allayed on Friday when Taiwan Semiconductor Manufacturing Co. TSMC reassure

Concerns about an interruption to the worlds supply of semiconductors were allayed on Friday when Taiwan Semiconductor Manufacturing Co. TSMC reassured that the large earthquake on April 3 would not impact its fullyear revenue. As stated in January, the business stuck to its fullyear sales target of a lowtomidtwenties percentage increase. The majority of the equipment in Taiwan fabs had entirely recovered by Friday, according to TSMC, the largest contract chipmaker in the world, even if other production lines in the impacted areas were more severely damaged. The business is giving clients the required updates while thoroughly assessing the circumstances. After a day off for inspections, work at TSMCs construction sites returned to normal on Thursday. Read More..

B2B Tech News | 1 years ago        

Trudeau Unveils C$2.4 Billion Package to Boost Canadas AI Sector

On Sunday, Canadian Prime Minister Justin Trudeau declared that the forthcoming budget will include a C$2.4 billion $1.77 billion package intended to

On Sunday, Canadian Prime Minister Justin Trudeau declared that the forthcoming budget will include a C$2.4 billion $1.77 billion package intended to support the nations artificial intelligence AI industry. The proposed initiatives include an expenditure of C$2 billion to build and enable access to computer resources and technical infrastructure for Canadian researchers, startups, and scaleups working in artificial intelligence. On April 16, the budget is expected to be unveiled. Read More..

B2B Tech News | 1 years ago        

Titans Q4 FY24 Report 17% YoY Revenue Growth, 86 New Stores Added

Titan announced a substantial 17% YoY increase in sales for the fourth quarter of FY24, along with the opening of 86 new locations to bring its total

Titan announced a substantial 17% YoY increase in sales for the fourth quarter of FY24, along with the opening of 86 new locations to bring its total number of outlets to 3,035 across the country. This rise was primarily driven by the jewellery category, with domestic operations rising 19% YoY thanks to doubledigit growth in buyers and samestore sales. Chicago, India, and Dubai are among the new locations where Tanishq has extended its reach. Additionally, the wearables and watches category grew by 7% YoY, with wearables accounting for 2% of sales and analogue watches for 7%. With ten new domestic stores and a 30% YoY growth in the studded category, Caratlanes business developed remarkably, achieving a network presence of 272 locations. Read More..

B2B Tech News | 1 years ago        

IMF Assessing Severe Drought Impact in Africa, Explores Support Measures

The International Monetary Fund IMF is now evaluating how a severe drought affects Africa and looking at methods to assist the impacted countries. Dir

The International Monetary Fund IMF is now evaluating how a severe drought affects Africa and looking at methods to assist the impacted countries. Director of Communications for the IMF Julie Kozack observed that climate shocks occur more often worldwide, with Africa being especially vulnerable. Over 29 million people in East Africa are affected by the worst drought in four decades, which is causing starvation, disease outbreaks like cholera, and displacement. 1.4 million people are internally displaced in Somalia alone, and the droughts catastrophic consequences on the countrys food and energy supplies prompted Zambia to declare a national emergency. Due to low rainfall, drought exacerbates water shortages, making the problems faced by impacted areas even more severe. Read More..

B2B Tech News | 1 years ago        

Chinas Central Bank Unveils $70 Billion ReLending Initiative for Technology Sector

In a statement issued on Sunday, Chinas central bank announced the launch of a 500 billion yuan $70 billion relending programme designed to support th

In a statement issued on Sunday, Chinas central bank announced the launch of a 500 billion yuan $70 billion relending programme designed to support the nations research and technology sectors. The programme will provide small and midsize technology companies with loans at a lowinterest rate of 1.75% through 21 institutions. To provide borrowers flexibility, these oneyear loans will have the option of two extensions, each lasting up to a year. Chinese officials are attempting to improve liquidity and restore confidence in the secondlargest economy in the world against obstacles such as a real estate crisis and trade conflicts with essential allies. Read More..

B2B Tech News | 1 years ago        

Boeing Compensates Alaska Airlines $160 Million for 737 Max Grounding After Incident

Boeing paid Alaska Airlines $160 million in compensation during the first quarter for the 737 Max 9 aircraft grounding after Flight 1282 in January. F

Boeing paid Alaska Airlines $160 million in compensation during the first quarter for the 737 Max 9 aircraft grounding after Flight 1282 in January. Following an incident in which an Alaska Airlines Boeing 737 Max 9s door plug blew out, the Federal Aviation Administration grounded the aircraft. Alaska Airlines reported good demand in February and March, surpassing pregrounding projections, despite the immediate impact of the accident on demand. Boeings decision to compensate significant clients such as Alaska Airlines reflects the increased government investigation and production halt brought on by the event. Pilots at United Airlines were offered unpaid leave in May when the airline experienced delays in Boeing deliveries. U.S. airlines and Boeing are scheduled to release their firstquarter earnings. Read More..

B2B Tech News | 1 years ago        

L&T Stock Slips 1.09% Despite Capital Goods Index Gain Whats Behind the Lag?

Over the last month, Larsen & Toubro Ltd L&T has increased by 3.15%, trailing the 6.13% increase in the S&P BSE Capital Goods index and the 0.27% incr

Over the last month, Larsen & Toubro Ltd L&T has increased by 3.15%, trailing the 6.13% increase in the S&P BSE Capital Goods index and the 0.27% increase in the SENSEX. L&Ts shares fell 1.09% to Rs 3758.55 today, while the S&P BSE Capital Goods index saw a 0.24% decline to 62456.34. The S&P BSE Capital Goods index increased 76.1% in the past year, surpassing the benchmark SENSEXs 24.16% gain. With 1588 shares traded on the BSE instead of the typical 1.12 lakh shares, L&Ts stock traded below its average daily volume. After hitting a 52week low of Rs 2161.1 on April 5, 2023, the stock rose to a record high of Rs 3859.65 on April 2, 2024. Read More..

B2B Tech News | 1 years ago        



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1.  Global online sales are predicted to reach 22% of all retail sales in 2023.
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